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USDCHF : Recovering its Previous Losses

US Dollar has finally recovered from some of its losses as seen on the 4 hour chart of USDCHF the pair was earlier trading within a downward sloping channel which it broke out from the resistance. The pair is currently testing the resistance level at .8805 which earlier also acted as resistance for the pair. However from stochastic oscillator it seems like the pair will continue to rise and break this resistance level. The next resistance pair will find will be at .8811 and .8826 if it continue to rise.

 The surge in US dollar came after the release of strong US retail sales data. According to the data US retail sales rose 1.1% in March beating the economist’s expectations for an increase of .8%. Core Retail Sales which excludes automobiles rose .7% last month beating the economist’s expectation for an increase of .5%.